Here Come the Stimulus Checks
The pandemic has been hard on a lot of people. For some, more financial than others. With the new $1400 stimulus checks coming, I know a lot of us are looking forward to this relief. If you’re one of the people who is receiving the stimulus, I wanted to share some ways you can stretch your check, whether it’s paying your biggest bills or putting money aside depending on your personal situation.
1. Pay your major bills
If this is where you need it most, allow yourself to take a breath and pay your bills. Did you know? You can delay most of your bills, set up a payment plan, and even ask the company to waive any interest or late fees. This includes credit cards, but even utility bills and your mortgage can be eligible for these adjustments.
*If you’re fortunate enough to be able to put some or all of your stimulus check(s) aside in this time, here are some other options:
2. Pay your bills in advance
Pay off or pay down some credit cards, your car loan, or even your mortgage. Call your insurance companies or your phone bill company and tell them you’d like to pay “X” amount in advance. I enjoy the peace of mind of not having to think of certain bills for 6 months because I paid in advance.
3. Start or add to your savings account
I’m a big proponent of talking about finances. I share several tips in my Let’s Talk About Finances Series: Part 1, Part 2, and Part 3. Learning to save is an important part of becoming financially stable. If you have some dispensable income on the side every month, it will help lower your stress during times of crisis to have it saved away.
4. Use the paper envelope system to divide it and start a fund for things you want (savings) or need (budgeting)
If you have a hard time saving, get creative to make it easier. You could try Dave Ramsey’s Envelope System. Check out this article for information on how to use the envelope system for budgeting or check this one out for tips on how to use it for saving (up to $5,050 over the course of a year).
5. Home Renovations
This can be just about anything house related. If you have projects you’ve wanted to do in your house, whether to build a fence or just buy new furniture, this stimulus check might just be your way to do that. If you own your home (mortgage), it’s always good to Mae renovations that can increase your property value so that you get the most return when you sell it. Some other ideas for that include tile backsplash in the kitchen or tile in the bathroom, new siding outside or windows especially if you need it, a deck or front patio. The possibilities with home renovation are endless. And the best part is, if you have the time, a lot of this can be a fun DIY project using YouTube.
6. Stock Up
Another form of savings, in my opinion, is to buy things you need to prepare for the future. And when I say need, this time I mean just that. This includes things like groceries and clothes for the kids. You know you’re gonna have to buy these things eventually. So it might be best if you stock up on these items using your stimulus check so that you don’t accidentally spend the money elsewhere. It’s really easy to get lost on spending cash when all of our bills are covered.
7. Make money with your money
Of course, one way to do this is to invest. A lot of us are scared when we hear investing but it’s gotten easier than ever to get in on the opportunities. I’ll share a whole blog post on this later because there are more ways than the traditional stock market to invest. Definitely do your research! But another easy and fun way you can invest your stimulus check is to buy products at a discount and sell them to make money. This can be just about anything from toys, home decor, perfumes or shoes. If you can bargain hunt, post your listings on Facebook Marketplace, OfferUp, your local neighborhood app. It doesn’t have to be anything big but it can be a creative way to flip your $1400.
Let us know how you’re spending your stimulus check!